Singapore is raising its retirement and re-employment ages to 64 and 69, respectively, by 2026, with further increases planned to reach 65 and 70 by 2030. This move, part of an ongoing initiative, aims to support older workers and ensure retirement adequacy.
Minister for Manpower Tan See Leng announced the tripartite agreement in Parliament, following the success of previous adjustments made in July 2022. The decision aligns with recommendations from the Tripartite Workgroup on Older Workers in 2019.
During the debate, Minister of State for Manpower Gan Siow Huang highlighted that over 90% of eligible senior workers were offered re-employment in 2023, emphasizing the importance of early planning by employers to accommodate these changes.
In response, National Trades Union Congress deputy secretary-general Heng Chee How welcomed the decision, emphasizing its positive impact on retirement adequacy for senior workers. He had previously urged the government to announce the adjustments promptly to allow sufficient time for preparation.
The Singapore National Employers Federation (SNEF) supported the phased-in approach but called for additional assistance for employers, including extending the Senior Employment Credit scheme beyond its current expiration in 2025 and raising the salary cap. The scheme, introduced in the 2020 Unity Budget, offers wage offsets to employers of older Singaporean workers.
+ There are no comments
Add yours